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Copper Retreats From Record High, Crude Falls
- Copper futures have fallen sharply today, as investors look to take profits after prices had risen more than 30% since the start of March to a record high earlier this week.
- Analysts suggest this is a short-term pullback, as copper is projected to remain in a multi-year deficit ahead.
- Copper is down 5.5% on the day at $482/lb.
- Copper futures remain in a clear uptrend, with the contract recently trading through a key resistance at $503.95, the Mar 2022 high. A clear breach of this level would open $520.65, a Fibonacci projection. Initial key support lies at $474.40, the 20-day EMA.
- Meanwhile, spot gold is down by 1.6% at $2,382/oz, leaving the yellow metal ~$68 below the record high reached on Monday.
- The medium-term technical outlook for gold remains bullish, with attention on 2452.5 next, a Fibonacci projection. On the downside, the 50-day EMA, at $2293.9, represents a key support.
- WTI is headed towards its lowest close since March 12 amid continued concerns that interest rates will remain ‘higher for longer’. A further build in US stocks will also add downside.
- WTI Jul 24 is down 1.4% at $77.6/bbl.
- A bearish theme in WTI futures remains intact, with attention on $75.64 next, the Mar 11 low. Initial firm resistance to watch is at $83.63, the Apr 26 high.
- Henry Hub front month is headed for its highest close since mid-January, supported by rising temperatures, lower production levels year on year, and rising LNG feedgas supplies.
- US Natgas Jun 24 is up 4.5% at $2.79/mmbtu.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.